One Way To Get Serious About Saving Our Economy: Shale Oil

In the post immediately below, Senator John Cornyn talks about the need to get serious about solving our energy problems by developing our own domestic resources. One good example is shale oil, of which the U.S. has more than any other country. In fact, Rocky Mountain shale is believed to contain the equivalent of 2 trillion barrels of oil. Is that a lot? The entire world has used around 1 trillion barrels since oil was discovered in Pennsylvania in 1859.

This chart by the Institute for Energy Research shows graphically how America’s shale oil reserves compare to other countries’ petroleum reserves. Click to enlarge:

Can shale oil be developed economically? At today’s prices, of course. A few years ago it was estimated that shale oil development would be competitive at around $40 a barrel. That figure may have risen a bit, but with world oil prices over $140 a barrel, shale oil development is a no-brainer.

Republicans in Congress like Utah’s Orrin Hatch have been pushing for shale oil development for years. But, like drilling in the outer continental shelf and in ANWR, shale oil development is being blocked by Nancy Pelosi, Harry Reid and the Democrats in Congress. The future of America’s economy is at risk as a result.

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